Kaysville accountant charged, accused of stealing $2.5M from two Utah charter schools

Mar 6, 2023, 3:41 PM

Follow @KSL5TVLike us on Facebook...

SALT LAKE CITY — A Kaysville man was indicted by a federal grand jury Wednesday for allegedly stealing more than $2.5 million from two Utah charter schools “for his own personal gain and the benefit of his family.”

Cole Arnold, 39, an accountant for Academica West Services, provided financial services to several charter schools in Utah, according to a press release from the United States Attorney’s Office, District of Utah.

From Aug. 2017 to June 2022, Arnold allegedly stole $2,563,348.23 from North Davis Preparatory and Ascent academies.

“According to the indictment, Arnold’s fraudulent activity included: creating false invoices, bills and credit card statements claiming fees for school supplies, teacher salaries, and other fictitious line-item expenses, for the purpose of generating payments to credit cards controlled by himself; creating false computer journal entries claiming a variety of school related expenses; passing fraudulently obtained money through Venmo and a bank account in the name of Upper Limit Innovation, a registered Utah business that Arnold was a co-owner and a registered agent of, to transfer the fraudulently obtained money.”

Arnold then used those funds, according to the release, for travel, concerts, cosmetic surgeries, home improvements, jewelry, furniture, electronics, and other personal expenses.

The 39-year-old has since been charged with 10 counts of wire fraud and five counts of money laundering.

His initial court appearance is scheduled for March 30 at the Orrin G. Hatch United States District Courthouse in Salt Lake City.

The case was investigated by the FBI Salt Lake Financial Crimes Task Force.

KSL 5 TV Live


silver cuffs on a black background...

Alexander Campbell

Cedar City math tutor accused of recording a student in the restroom

A math tutor in Cedar City was arrested after admitting to recording a student in his restroom on Thursday.

23 hours ago

Pair of handcuffs on a black bacthroom...

Alexander Campbell

Salt Lake City man charged with credit union robbery

A grand jury has voted to charge a local man with the robbery of a Cyprus Credit union.

1 day ago

FILE - In this Tuesday, Oct. 2, 2018 photo, containers holding frozen embryos and sperm are stored ...

Associated Press

Facing backlash over IVF ruling, Alabama lawmakers look for a fix

Lawmakers began scrambling for ways to protect Alabama in vitro fertilization services after multiple providers paused services in the wake of a state Supreme Court ruling that frozen embryos could be considered children under a state law.

1 day ago

FILE - The residence where a former funeral home owner kept a deceased women's body in a hearse for...

Associated Press

A former funeral home owner has been arrested after a corpse lay in a hearse for 2 years

A former funeral home owner accused of hiding a woman's corpse in the back of a hearse for two years and hoarding the cremated remains of at least 30 people has been arrested, authorities said.

1 day ago

This image provided by the Denver Police Department shows Miles Harford. Denver police are asking f...

Associated Press

Denver police search a former funeral home owner who kept the cremated remains of at least 30 people

Denver police are asking for the public's help in finding a former funeral home owner who they say kept a woman's body in a hearse for two years and also kept the cremated remains of at least 30 people.

2 days ago

Sandy police car...

Pat Reavy, and Garna Mejia,

Sandy man charged with shooting family member with BB gun, then killing his dog

A man in Sandy is accused of shooting his uncle with a BB gun and setting a room on fire, killing his uncle's dog.

2 days ago

Sponsored Articles

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

Kaysville accountant charged, accused of stealing $2.5M from two Utah charter schools